Empirical Assessment of the Impact of PropTech Adoption on Real Estate Market Efficiency in Nigeria

This study empirically assesses the impact of property technology adoption on real estate market efficiency in Nigeria, examining whether digital listing platforms, virtual tour technologies, and digital transaction systems have measurably improved market transparency, reduced transaction costs, and enhanced price discovery in Nigerian property markets. PropTech is transforming real estate markets globally, but its actual market efficiency impact in emerging markets like Nigeria, where adoption is uneven and institutional infrastructure is weak, has not been empirically measured. A quasi-experimental methodology exploits the differential timing of PropTech platform launch and penetration across Nigerian cities to create a difference-in-differences research design. Market efficiency indicators including search time to transaction completion, price dispersion for comparable properties, market liquidity, and buyer satisfaction are measured through a panel survey of 400 property seekers and 200 estate agents across Lagos, Abuja, and Kano, comparing pre- and post-PropTech adoption periods. Supplementary interview data from 15 PropTech platform operators explore platform design and adoption challenges. Results show that PropTech adoption is associated with a significant reduction in average property search time from 4.2 to 2.6 months and a modest but statistically significant reduction in price dispersion for comparable properties in Lagos, consistent with improved market transparency. Transaction cost reduction effects are more modest and concentrated in the information search phase rather than documentation and completion. Rural and lower-income market segments show minimal PropTech penetration. Recommendations include targeted government support for PropTech adoption in currently underserved market segments. Keywords: PropTech, real estate technology, market efficiency, digital property, Nigeria.